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If you’re like most people, then your money is important to you, you just need a little help to go in the right direction. There’s not really a best credit card that will suit everyone, instead here’s 3 general ideas to help you choose your next credit card.

In this video we look at how to compare the market and choose your next credit card.

Hi, I’m David and this is Credit Card Compare.

If you’re like most people, then your money is important to you, you just need a little help to go in the right direction.

There are 100’s of credit cards in Australia and you probably won’t keep credit card forever.

There’s not really a best credit card that will suit everyone, instead here’s 3 general ideas to help you choose your next credit card …

1: Choose the type of credit card that suits you bestAnd by that I mean, know what suits your personal finances AND the way you spend & repay. Think about why you want the card and what you’ll use it for. You should choose a type of card that’ll gonna work for you and financial goals. Here’s a few scenarios to help get you thinking:
* If you’ve got a balance on your credit card that you’re carrying from month to month and you want to move to a card with a much lower interest rate then a balance transfer credit card could save you a stack of money on interest because you’ll be paying it off over a long period at 0% percent for 6, 12 or even 24 months. It’s like refinancing, only it’s your credit card. For example, a person with $5,000 of credit card debt can do a balance transfer and save around $1,000 in interest and fees. You can toggle the sliders to calculate how much money you could save.
** If you’re someone who doesn’t have a lot of credit card debt and just wants a card to conveniently pay for shopping or cash flow a few expenses from time to time then a basic credit card with a low ongoing interest rate or no annual fee is probably what you’re after.
*** Or if you’re like the 1 out of 3 people who tend to pay off their balance in full every month then a FF or Rewards card could be something really worth checking out. The interest rates and annual fees are typically higher, as you would expect, but the reward is there for those who know how to play their cards right. Using our comparison tables you can calculate how many points you could earn.

So whichever scenario you find yourself in, use our free comparison site to help find the card that suits you best.

The next thing to think about is…2: Narrow down your optionsThere’s a lot of things to consider at this stage, some being more important than others, but it’s time to be more specific and filter down to the cards that you’re happy with. You’ll wanna consider the financial stuff first: the interest rates on purchasesthe annual feethe number of interest free daysthe credit limit (so that you can use the card for as much spending capacity as you’re gonna need)and the number of additional cardholders

then think aboutthe bank (are you happy to bank with them?) internet banking, phone banking and mobile appsare there any branches nearby?do you earn rewards points?free flights & travel?or do you get complimentary insurance coverage for shopping or travel?

You can find this sort of information by clicking the “more info” button on any of the comparison tables on Credit Card Compare. And if you find it useful you can compare cards side by side.

The third and final step is to…

3: Check your eligibilityThis is important to check before you go ahead and apply. Banks set different levels of criteria for each of their credit cards … and for good reason. There’s no point applying for a card that you don’t meet the minimum criteria. This will also . They’re be looking at 4 different things:
– They’re looking for people to be at least 18 years old,
– Be a citizen or permanent resident of Australia,
– Meet the minimum income threshold required
– And they’ll also check your credit rating which helps them to figure out “If we give this card to you, are they going to pay it back?”

There you go…1: Choose the type of credit card that suits you best2: Narrow down your options3: Check if you’re eligible before applying.

Remember, it’s about making it work for you. I hope that this has been helpful. These are my top tips for choosing your next credit card.